Saks Fifth Avenue, one of Gaviidae Common's anchor tenants, will close its 84,000-square-foot store at 655 Nicollet Mall in January.
The store's top two levels, including the skyway level store, will temporarily close.
A smaller 27,000-square-foot Off 5th store, located in the first floor of the three-level Saks store in the upscale Downtown shopping center, will remain open, officials with the retailer announced earlier this month.
The Off 5th store sells discounted Saks' items.
About 70 employees at the Gaviidae Common's Saks Fifth Avenue store will be offered transfer opportunities, according to a statement released by Saks Fifth Avenue Enterprises.
In a prepared statement, Fred Wilson, chairman and CEO of Saks Fifth Avenue Enterprises, said the company plans to focus on "larger and more productive units."
Saks' Minneapolis space has long been rumored to be one of the chain's worst performers.
Officials with the retailer are exploring new options for the Gaviidae space, said R. Brad Martin, chairman and CEO of Saks Incorporated, a Birmingham, Ala.-based department store operator that operates more than 350 stores in the country, including 55 Saks Fifth Avenue stores.
"Saks Incorporated remains committed to the Minneapolis market with our operation of the Herberger's department store business. We will be working with the Nicollet Mall and city officials in the weeks ahead to explore alternative retail uses for the vacated store space, including the possibility of opening a new Herberger's in the center," Martin said in the announcement.
Besides the Minneapolis store, the department store company recently announced plans to close eight other Saks Fifth Avenue stores and three Off 5th stores.
Andrea Christensen, a retail broker for Colliers Turley Tucker Martin, who facilitates leasing for Gaviidae Common and the adjacent shopping complex City Center, said Herberger's would likely be a positive addition to the shopping center.
"It has lower price points than Saks and serves a broader market. It might be a really nice fit," Christensen said.